FAQ Net Express

1. What is NetExpress (Internet Transfers)?

NetExpress is a completely online money transfer facility for remitters in Eurozone. Remitters having checking accounts with banks in Eurozone can use NetExpress to instruct ICICI Bank through their bank to transfer money to India. It's a simple 3 step process:

  1. Register yourself & beneficiary
  2. Obtain tracking number
  3. Send money to ICICI Bank through your home bank along with transfer instructions (Tracking number)

2. Who can use NetExpress (Internet Transfers)?

NetExpress service can be used by users of Eurozone and Nordic region who have a local bank account in any of the following countries

1. Austria 2. Belgium 3. Cyprus 4. Estonia 5. Finland 6. France 7. Germany 8. Greece 9. Ireland 10. Italy 11.Luxembourg 12. Malta 13. Netherlands 14. Portugal 15. Slovakia 16. Slovenia 17. Spain 18. Denmark 19. Norway 20. Sweden

3. How do I transfer money from my local bank to ICICI Bank in Germany?

You can transfer money using internet banking service of your local bank OR visit your local bank branch and make a “Euro SEPA” transfer from your local bank to ICICI Bank in Germany.

4. How much will it cost for transfer money from my local bank to ICICI Bank in Germany?

The charges will be applied by your home bank / local bank. Usually, money transfer within Eurozone is offered free of cost by many banks. You may check with your local bank for details.

5. What are the benefits of NetExpress (Internet Transfers)?

  • Money can be sent from any bank in Eurozone
  • Transfer money from the comforts of your home!
  • Track your remittances online
  • Regular status updates through email
  • Money transferred to any Bank in India
  • Faster and more convenient than the traditional method of sending a cheque to India

6. Is it necessary for the beneficiary or me to have an account with ICICI Bank?

No. Neither the beneficiary nor the remitter needs to have an account with ICICI Bank to send money through NetExpress (Internet Transfers).

7. How much time will it take to send the money to beneficiary account?

The money would be sent to beneficiary account typically within 1 to 2 working day of receipt of funds by ICICI Bank Germany branch.

8. How will a beneficiary who does not have an ICICI Bank account receive the money?

NetExpress (Internet Transfers) can be used to send money directly into accounts with over 200 other banks participating in the electronic credit facility provided by the Reserve Bank of India that allows electronic transfer of funds or through request for issuance of Demand Draft payable at over 3000 locations in India.

9. How soon will the beneficiary get the Demand Draft?

The Demand Draft will be sent to the beneficiary by courier or registered post. A courier dispatch will take 2-3 days, while registered post will take 8-10 days.

10. Can I send money from my friend's account to ICICI Bank Germany's pool account?

No, the money has to be sent only through the remitter account registered on Money2India Europe. Also, while sending money from your Euro bank account to ICICI Bank Germany, please ensure that the name in your bank account exactly matches with your registered name on Money2India Europe. Also, please mention only the tracking number in the reference field while sending money from your local Euro account to ICICI bank Germany.

11. For what purposes can I send money to India?

There are many reasons why you may want to send money to India:

  • To credit your NRO/NRE savings account
  • To credit beneficiary's savings account
  • To support your family
  • To give gifts
  • To make investments and payments
  • To make donations

12. What are the charges for NetExpress (Internet Transfers)?

A small remittance charge is applicable on transfers made using Money2India Europe

13. How much money can I send through NetExpress (Internet Transfers)?

The minimum transfer amount is EUR 1 and the maximum amount is EUR 10000 for all transfers, except to a visa card account. For money transfers to a visa card account, the minimum amount is EUR 1 and the maximum amount is EUR 1800 per transaction. Please note that prior to identification you can transfer upto Eur 1000 only from Money2India Europe.

14. Do I need to enter a new Tracking Number on my Internet banking account for every new transfer?

Yes. Even if you are sending money to the same beneficiary again, you must make a fresh request and enter the new Tracking Number in your Internet banking account.

15. How long does it take to credit my beneficiary's resident Visa Debit Card account?

The card-issuing bank typically processes the credit requests to a resident Visa Debit Card account within 3 working days. In case there is a delay in credit to your beneficiary's Visa card beyond 3 working days, please write to us at europe@icicibank.com with the subject line as "Delay in Visa card credit". Kindly mention the details of the transaction along with the Tracking Number to enable us to assist you further.

16. What is the exchange rate applied to my Net Express Transfer? Is it the same as the indicative exchange rate?

The exchange rate that is applied to your transaction would be the rate prevailing at the time of conversion of funds. When you book a transfer with us, an indicative exchange rate is shown with the indicative amount you will get in INR for your Euros. When we have received your funds and are converting them into INR, the actual exchange rate prevailing at the time of conversion would be applied and the actual amount transferred in INR may be different from the amount that was shown to you at the time of booking the transfer. for eg. If you are transferring Eur 1000, at the time you were booking the transaction, the indicative rate was INR 65 for every Euro transferred thus, you will get an indicated amount of INR 65,000 in your India Account. Suppose, we receive the actual funds two days from the day of booking the transfer, the actual rate as on this day is Rs. 66 for every Euro transferred, then the actual amount that would be transferred to your India Account would be INR 66,000.

17. What happens in case money is not credited in beneficiary account or returned by beneficiary bank?

In case the beneficiary account is not credited, the funds will be returned to sender's account without any undue delay. Money2India Europe does not levy any fees for the return of funds. The money will be returned to your Euro account as per then prevalent exchange rates, but not exceeding the original transfer amount.